£12m farewell for brother and sister directors

BROTHER and sister Tony and Barbara Wilkinson are retiring in style after their hardware company reported record turnover of £1.1bn for last year.

Though profits were hit by falling prices and rising costs, Wilkinson Hardware Stores still made £51m, down from £56m the year before, according to accounts just filed at Companies House.

Directors Tony, 68, and Barbara, 64, settled for sharing £12m in dividends this time after receiving £37m in 2003. The company was founded by their father, J. K. Wilkinson, in 1930 in Nottinghamshire.

Tony joined the firm in 1960 and became chairman in 1972 when the company had 20 stores. It now has 250, employs 21,300 staff and plans to have 370 stores by 2010.

In his final chairman's report before retiring and taking up the post of High Sheriff of Nottinghamshire, Tony, whose pay dropped from £1.4m to £839,000 last year, explained why the chain had been so successful.

'Fair dealing has been the key, he said. 'Our customers have been able to trust us to deliver merchandise of the right quality at keen prices in a welcoming environment.'

In the year that the firm celebrates its 75th anniversary, a third generation of the family will take over the reins with Tony's daughter Lisa Wilkinson, 37, and Barbara's daughter

Karin Swann, 41, both on the board.

Swann said: 'Tony fostered a climate which has allowed the business to grow at such a phenomenal rate.'

Lisa Wilkinson added: 'The success is down to his unique way of working - sheer tenacity and charisma.'

The Wilkinson family is among the top 100 wealthiest in Britain with an estimated fortune of £495m.